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As Realtors serving Portland, Oregon we help home owners who need to sell their homes. And, in today’s economy that frequently means the mortgage is higher than the value of the property. Our clients are often faced with situations such as mandatory job transfers where if they don’t relocate they lose their job (and can’t pay their mortgage) or if they do accept the job transfer they will no longer be able to support their Portland, Oregon Property. Thankfully, we have been able to help many home owners in needing to relocate for work by successfully completing short sale transactions.

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Reasons To Short Sale
  • “Strategic Default”: Intentional default to reduce debt through short sale.
  • Job loss/Unemployment
  • Reduced Hours or Lower Wages
  • Job Transfer / Work Relocation
  • Divorce / Separation
  • Increased Mortgage Payments due to Adjustable Rate Mortgage (ARM)
  • Cost of Living Increases
  • Illness or Injury that Reduces Ability to Work
  • Excessive Mortgage Payments

Other common reasons people are unable to make their payments include divorce, reduced income or increased living expenses. Whatever your situation is we’ll use our extensive short sale experience to help you sell your property.

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Short Sale Benefits
(Courtesy of Federal National Mortgage Association 'Fannie Mae')

Fannie Mae Short Sale Benefits

According to Fannie Mae (Federal National Mortgage Association) the benefits of a short sale to the home owner include:

  • Eliminate or reduce your mortgage debt
  • Assistance for relocation may be available
  • May be able to recover your credit score—and get another mortgage—faster than if you went through foreclosure
  • Fannie Mae Foreclosure Avoidance Options

Our team of licensed Real Estate Brokers with Oregon Realty Co (Licensed, State of Oregon) have made listing and selling short sales in Portland, OR a specialty. With numerous closed transactions working with a wide variety of Banks and Mortgage Companies our reputation as Professional Short Sale Negotiators is unsurpassed. Not only are we experienced Realtors, we also understand that our clients require discreet, confidential service and that most people don’t want to shout that they’re behind on their mortgage from the rooftop. This is one reason why we often do without cumbersome yard signs (which usually only attract marginally interested neighbors anyway) and advertise our listings on The Oregon Realty Co Website, our own Broker Website as well as on the Regional Multiple Listing Service. Our professional industry contacts are also valuable marketing for our clients in that it’s not so much about what you know so much as who you know.

503-445-6104 Confidential Short Sale Information

Portland Short Sale Services
Our focus on distressed property transactions allows us to put our client’s needs first while giving our clients a competitive edge with our proven and successful tactics. We list your home and procure a highest and best offer keeping you informed while protecting your interests. We’re Professional Realtors so feel free to call us for more Portland short sale specialist information.

503-445-6104 Portland Short Sale Realtor

Short Sale Portland Oregon

What Is A Short Sale?
A short sale is a process of real estate in which the proceeds of a transaction fall short of the balance owed on the property’s loan. Short Sales in Portland, Oregon often occur when a borrower wants out of the mortgage loan on their property and the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties usually consent to the short sale process because it allows them to avoid foreclosure. Foreclosure involves hefty fees for the bank and lowered credit report outcomes for the borrowers so a short sale is often a win-win for the bank and the home owner. The Lockwood Portland Real Estate Team will negotiate your Portland short sale and help stop foreclosure.

Short Sale Portland Oregon

The Short Sale Process
In a Portland short sale, the bank or mortgage lender agrees to discount a loan balance of the borrower. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds to the lender. Neither side is “doing the other a favor” and is simply the most economical solution to a problem. With a short sale banks will incur a smaller financial loss than would result from foreclosure or continued non-payment. Borrowers are able to mitigate damage to their credit history. A short sale is typically faster and less expensive than a foreclosure. For many Oregon Home Owners this process extinguishes the remaining mortgage balance through settlement clearly indicated on the bank’s approval documents. This is one more reason why you want an agent team that specializes in negotiating your transaction.

Lenders often have loss mitigation departments that evaluate potential short sale transactions. The majority have pre-determined criteria for such transactions but they may be open to offers and their willingness to be flexible on price varies. A bank will typically determine the amount of equity (or lack thereof), by determining the probable selling price from an appraisal or Broker Price Opinion (abbreviated BPO or BOV).

Given the unprecedented and overwhelming number of losses that mortgage lenders have experienced from the foreclosure crisis, many banks are now more willing to accept short sales than ever before. This presents an opportunity for “under-water” borrowers who owe more on their mortgage than their property is worth and are having trouble selling to avoid foreclosure as a result. Contact us when you need Professional Portland Realtors who specialize in short sale negotiations before you sell your home.

Short Sale Portland Oregon

Take immediate action. When you list your residential property with us, we take immediate actions to protect your interests and request postponement of foreclosure auction giving our clients much-needed extra time before moving (banks auction postponement policies vary). We handle the frustrating phone calls to the bank. Take immediate action, don’t let foreclosure happen to you, contact us today for more information about how the process can benefit you.